Big data and advanced analytics in the commercial insurance industry

Key insights gained from analyzing previously untapped sources of data enable commercial insurers to optimize business practices along the value chain. However, most insurers are still at the beginning of the big data journey, currently searching for appropriate business cases, putting their operational model in place and building up required capabilities. Defining and implementing a strategy to leverage big data requires a clear vision, detailed planning and senior-level commitment. Successfully addressing the challenges and opportunities big data offers can open up new sources of competitive advantage. Hence, big data and advanced analytics will remain high on the agenda of top management in the coming years as they are expected to have a dramatic impact on the way insurers do business.